Bitcoin Trading Volume on Coinbase Hits Year High

Bitcoin (BTC) trading volume on major cryptocurrency exchange Coinbase recently hit a high of 263,000 on May 12, a volume which has not been seen since February 4, 2018. Bitcoin most recently approached this number in November, with a peak of 259,000 on the 18th.

Bitcoin 2-year volume chart. Source: Bitcoinity

The Bitcoin price was similar between the two peaks at or above 263,000 volume, near $7,710 and $7,950 for May 12 and February 4, 2018 respectively, but these are larger than the similar peak on November 18 when BTC was sitting around $4,410.

Bitcoin 2-year price chart. Source: Bitcoinity

For volatility, however, there is much more similarity between the spikes in May and November than the high in February. May 12 and November 18 saw volatility ratings of 16.7 and 10.3 respectively, with February 4 volatility clocking in at a whopping 54.7.

Bitcoin 2-year volatility chart. Source: Bitcoinity

As reported by Cointelegraph in February, around three weeks after the volume high mentioned, Coinbase announced that BTC transactions were not consistently available on the exchange. Coinbase posted a message on their website to address the issue, saying:

“A recurring issue with one of our processes is causing Bitcoin buys and sells to become temporarily unavailable. Our team is investigating and working to restore full service as soon as possible. Coinbase customers may experience intermittent outages of BTC buys and sells over the duration as we resolve this issue. We apologize for any inconvenience this may cause.”